A form of general insurance, public liability insurance is fundamentally a protection product which covers the insured from the risk of third party injury or damage claims. Developed to safeguard individuals against insurance claims made by other parties such as customers, sub contractors, and even trespassers, financial redress is available to be awarded to injured parties other than the insured individual themselves.

Public liability insurance is very important for anyone who wants to protect themselves against financial expense should another individual injure themselves. Used primarily by large businesses, having such insurance means that should visitors, customers, sub-contractors or any other third party be injured on an insured members property, their resulting claim for damages can be paid for by insurers rather than costing the business itself.

It is vital for all companies to assess their public liability insurance needs when determining whether to take out cover. Premiums can be high, but with any resulting legal cases invariably costing more than the premium sum would have cost, the cover can be well worth the expense. In addition, it is especially important for individuals to assess their level of risk, with premises where large numbers of third parties attend such as theatres, pubs, hotels and shopping centres.  These high risk band locations are considered at heightened risk if sports are played at the venue, or alcohol is consumed. Meanwhile, certain industries are also classed as high risk, including those of cleaning and security, due to the nature of the work.

If you’re looking to take out public liability insurance, carefully consider the potential risk of third party injuries and take out appropriate levels of protection. By protecting yourself and your business, you can ensure the future financial stability of your business.